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First-round CMF awards provides 80 M for affordable housing
WASHINGTON (10/15/10)--Twenty-three community development financial institutions (CDFIs) and other nonprofits were awarded $80 million to attract private funds for affordable housing under the U.S. Treasury Department’s new Capital Magnet Fund (CMF). The CMF is a competitive grant program for CDFIs and other nonprofits to attract private capital for development, preservation, rehabilitation, and purchase of affordable housing for low-income families. It is also meant to stir economic development activities or community service, which in conjunction with affordable housing activities may implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. The awards were announced Thursday at St. Joseph’s Senior and Family Housing in Oakland, Calif., a site chosen because it is currently having a transformation to affordable housing units due to CDFI financing. “I am thrilled to be announcing these awards under the first-ever round of the Capital Magnet Fund…where CDFIs continue to have a tremendous positive impact on the development of affordable housing,” said the director of Treasury’s CDFI Fund, Donna Gambrell. "The Capital Magnet Fund awards will enable our partners to leverage up to $1.6 billion for the financing of affordable housing within underserved communities and help put under-served neighborhoods on the path to recovery and revitalization.” The CMF awards went to organization in 38 states. There were 230 applications from organizations serving 49 states, the District of Columbia, and Puerto Rico requesting over $1 billion in grants under the FY 2010 round of the CMF. On average, according to the announcement, applicants proposed leveraging their awards by a factor of over 20 times their award request, exceeding the target set by the U.S. Congress of leveraging by a factor of 10.
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